The management team of Castings Technology International (CTI) and the University of Sheffield have agreed a management buyout of the company.
Taking effect from 19 January 2021, ownership of CTI has transferred to the company’s existing management team, which will take sole ownership of the company and operate it as a privately-run business.
CTI, which is a world-leading provider of technology, expertise and services to the cast metals sector and global supply chain, will continue to employ around 60 highly qualified researchers, engineers and technicians in a purpose-built centre at the University’s Advanced Manufacturing Research Centre (AMRC), at Catcliffe, Rotherham, South Yorkshire.
Kevin Parkin, Chairman of CTI, said: “This is a great opportunity to retain highly skilled and cutting-edge technology in the metal casting business. We have opportunities to retain advanced metallics as a key part of the city region.”
“Not only will we be branding CTI as ‘Made in Sheffield’, we will also be developing high-quality technical skills in the manufacture of leading casting technology. The company will continue to work closely with the university in its development of new technologies.”
Richard Cook, CTI Managing Director, said: “As the operational management team for CTI, we know this business and are dedicated to continuing to serve our customers and to working with our fantastic team.
“The management team would like to place on record its sincere thanks to the University of Sheffield for its support and assistance during the transferral of the ownership of the company, ensuring that it has been as smooth a transition as possible, and for its support for CTI over a number of years.”